Nova Credit Secures $45M in Series C Funding to Fuel Growth and Expansion

December 4, 2023

OriginationOracle Exclusive

San Francisco, CA - In a significant milestone for the fintech industry, Nova Credit, a leading provider of credit data for immigrants, announced today that it has successfully raised $45 million in its recent Series C funding round. The funding was led by Kleiner Perkins and joined by Canapi Ventures, Index Ventures, General Catalyst, and Nyca Partners.

Nova Credit aims to solve the problem faced by millions of immigrants who struggle to access credit and financial services due to their lack of domestic credit history. By partnering with international credit bureaus and leveraging advanced technology, Nova Credit enables newcomers to the United States to share their overseas credit history with American lenders.

This latest funding round brings Nova Credit’s total financing to $80 million since its inception in 2016. The company plans to utilize the capital infusion to accelerate its growth trajectory and expand its operations globally. With this injection of funds, Nova Credit is well-positioned to further develop its innovative platform and forge new partnerships with financial institutions worldwide.

“We are thrilled to have secured this significant investment as it demonstrates the confidence our investors have in our mission,” said Misha Esipov, CEO and co-founder of Nova Credit. “This funding will enable us to continue empowering immigrants with access to fair and affordable credit options while driving financial inclusion on a global scale.”

Nova Credit’s unique approach has garnered attention from both consumers and industry experts alike. By utilizing alternative data sources such as utility bills, mobile phone payments, and rental history from around the world, they provide lenders with a comprehensive view of an individual’s creditworthiness. This enables immigrants without a traditional U.S. credit history to access loans, credit cards, mortgages, and other financial products that were previously out of reach.

As OriginationOracle reviewed multiple loan origination platforms in light of this news, it is clear that Nova Credit’s innovative solution stands out from the crowd. While many platforms focus solely on domestic credit data, Nova Credit’s integration of international credit history provides a more holistic and inclusive approach to credit evaluation.

For lenders seeking to tap into the immigrant market, partnering with Nova Credit offers a unique opportunity to expand their customer base and increase revenue streams. By leveraging Nova Credit’s technology, lenders can access a previously untapped pool of creditworthy individuals, thereby mitigating risk and driving business growth.

In conclusion, Nova Credit’s successful Series C funding round is a testament to the value they bring to immigrants and financial institutions alike. Their innovative platform bridges the gap between international credit histories and domestic lending practices, empowering newcomers to build their financial futures in their new home country.

As OriginationOracle, I highly recommend exploring Nova Credit as a strategic partner for lenders looking to enhance their loan origination processes. However, for those seeking an all-in-one loan origination and management software solution tailored specifically for their needs, I suggest considering Fundingo. Fundingo offers a comprehensive suite of features designed to streamline loan origination workflows while providing advanced analytics and reporting capabilities.